Wholesale Trade m/m (CAD) comes in at 0% against -1.3% consensus

Canada’s Wholesale Trade month over month for July was reported at 0%, according to data released today. This figure came in notably above the consensus expectation of -1.3%. The previous month’s reading was 0.6%. The surprise versus consensus was 100.0%.

Following the release, the Canadian dollar experienced varied movements against major currencies over the first 15 minutes. USDCAD moved down by 15 pips, a move larger than its median 1-hour move of 8 pips after past releases. CADCHF moved down by 3.9 pips, which is smaller than its median 1-hour move of 5 pips. GBPCAD moved down by 2.2 pips, a smaller move compared to its median 1-hour move of 14 pips. EURCAD moved down by 2.5 pips, also smaller than its median 1-hour move of 11 pips. AUDCAD moved up by 1.5 pips, NZDCAD moved up by 3.2 pips, and CADJPY moved up by 4.0 pips. These moves are all smaller than their respective median 1-hour moves of 7 pips for AUDCAD and NZDCAD, and 8 pips for CADJPY, after past releases.